posted on September 18, 2002 07:44:45 AM new
High interest versus getting the account locked on a whim, rough choice, I think I would move it out as fast as possible and place in an account more local and if I need I can get if fast
posted on September 18, 2002 08:03:55 AM new
No evidence any account was ever locked on a "whim." When explored there has always been a fraud indicator. Reasons accounts are locked are fully explained in the TOU.
posted on September 18, 2002 08:28:40 AM new
I am a PayPal cheerleader
(disclaimer)
Never had a problem with PayPal and I use it like CrAzY!
most importantly...
What are your plans for these funds?
Savings?
Pay off Bills?
Retirement?
Treat yourself to a BIG something?
Mad Money?
Nest Egg?
I am also a licensed investment consultant
Hard to give advice without knowing what your plans & time frame are for these funds....
PayPal is primarily a business tool for me ~ all expenses are paid through those funds as well as postage, fees, etc.
I purchases my 'goods' with my debit card ~ great for bookkeeping.
BUT...
Five thousand is a lot to keep in a PayPal acct!
Too many horror stories out there!
... really need to know what these funds are earmarked for ...
sidebar / heads up:
fluffy You better believe I've got money put away he doesn't know about...and it's not community property.
You may want to check on that!
What you are referring to as not being community property is more than likely considered marital assets.
It most states, the only $$ that isn't a 'marital asset' is an inheritance left solely to one of the marital partners.
not sure how these funds were acquired but if you are counting on them being *only yours*, you may want to look into it!
posted on September 18, 2002 10:01:03 AM new
1. do you want the money in a bank where if you want it you get it?
2. do you want it in paypal WHERE there is a small chance you cannot get it....sometimes they might even freeze you up for withdrawing a "large" sum at once
posted on September 18, 2002 10:17:08 AM new
coonr,
The money market fund is a moot point when people are basing their decision off of a company's reputation.
You may like having your money in there & that is all fine with you. But I think most of the people here would rather the funds be removed out of PAYPALs grasp.
Even if he has done everything correctly by following all the rules & regulations, If someone does a chargeback against him his money is frozen until he proves he followed the TOS. Follow this up with the simple number of faxes PAYPAL claims to never receive & even if he is correct & has everything documented PAYPAL may very well keep his account frozen for more than just a few days.
It is this reputation that should make anyone leary of leaving their funds in PAYPAL.
posted on September 18, 2002 10:28:29 AM new
Someone said:
fluffy: You better believe I've got money put away he doesn't know about...and it's not community property.
[b]You may want to check on that!
What you are referring to as not being community property is more than likely considered marital assets. [/b]
Wrong, sorry. You made one of those assumptions.
While California is a community property state, community property laws don't apply to people who aren't married (get it?). There is no common-law marriage in California.
At any rate, there are many ways to be married in a community property state and still legally retain money of your own. Everything you acquired before marriage is yours. Everything you inherit is yours. And any insurance settlement you receive is yours and yours alone.
Remember that old story about the wife who sold her husband's Porsche for $1 while he was off cavorting with his mistress? In a community property state, neither member of the community can damage, destroy or dispose of community property to the detriment of the other. She would have to pay him the entire market value of the Porsche. Assuming that the story was true (which I don't), the only person she screws by selling the car for $1 is herself.
Trust, but protect yourself.
[ edited by fluffythewondercat on Sep 18, 2002 10:32 AM ]
posted on September 18, 2002 11:48:56 AM new
the first response was correct, you will need to use your own judgement. But I will give you some facts and some advice.
Paypal is not a bank and is not FDIC insured (last time I checked), Which means that your money is not safe, as if it were safe anywhere else.
I would suggest, pulling the money out and then opening a low yield money market account with a trading firm. You can usually get a decent interest rate, compared to banks. Money markets RARELY lose money. And then you don't have to keep it in a common account with your spouse.
On another note... You might want to get some help dealing with your fast spending spouse. Sometimes, outside counseling can help in this area.
posted on September 18, 2002 12:10:58 PM new
sorry fluffy
You didn't make it clear that you were not married.
Everything you acquired before marriage is yours
Untrue in most states.
'Marital Assets' often include items of value acquired prior to marriage.
Obviously what you acquire before marriage is not 'yours' or there wouldn't be so many pre-nups.
Many people are MISLED into believing that monies prior to marriage are untouchable. Individual assets (cash, investments, real estate, businesses, antiques) even if NEVER under joint ownership can be considered marital assets (a joint asset) if any portion of those funds were ever used to fund any common expenses or expenditures (home improvements, vacations, etc.)
It is all in the marital asset pot.
HE was able to maintain HIS real estate investments because SHE was working.
SHE was able to further HER education because of HIS business investments.
Right down to the Barbie Dolls or comic book collection that SHE/HE was able to keep because HE/SHE paid for other things.
All in the marital asset pot.
Your example of the $1 Porsche is the same as if it were cash (or any other investment, including IRA's)
HIS before marriage, in HIS name, HE was the sole driver, only HIM on the insurance, paid for by HIM, etc, etc.
Still THEIR marital asset.
And any insurance settlement you receive is yours and yours alone.
Direct inheritance is usually the only valuable that does not go into the marital asset pot.
Insurance settlement monies? It depends.
How were the monies invested since received?
Can easily & unknowingly become a marital asset.
Did the existance of these funds alter the expenditures of other funds?
IOW, since the inheritance money was there, did the couple spend $$ on a new car, vacation home, etc?
If financial decisions were made based on the existance of these funds it can convert them to marital assets.
example:
WE (invested in abc stock, bought a car, went on a cruise, etc) with our JOINT Savings. It was OUR retirement money but WE decided to spend it because WE had the inheritance $$ (even if in ONE name, funds were realistically considered to be 'theirs' as JOINT decisions were made effecting THEIR monies).
*I hope no one really makes financial decisions based upon chatboard heresay*
the money that is truly *yours*?
The stuff tucked into the mattress that no one else knows about
posted on September 18, 2002 12:49:19 PM new
geez....a simple paypal question has turned into divorce court!!!
i have always found it amazing the amount of information you can glean from these boards....I am printing this one out for future reference and to hold over hubby's head
you said you didn't have a paypal debit card..ask for one...they are great to use for everyday purchases and keep your regular cash in your wallet
If a buyer is unhappy with their purchase, or just a nuisance complaint sometimes, they can do a chargeback with their credit card. this seems to cause paypal to freeze your account for a period of time.
you have gotten some very good financial advice here....forget the personal life advice...it is none of their business!!!
And how your wife spends her money is definitely none of their business...counseling indeed!!!!
posted on September 18, 2002 01:59:56 PM new*I hope no one really makes financial decisions based upon chatboard heresay*
Amen to that. Your posts are so full of nonsense I'd hate to think that anyone would base a life decision on them.
1) California Civil Code Section 5107 provides, in short: All property acquired by a spouse prior to marriage -- or acquired during marriage with premarital money -- is that spouse's separate property. (Source: _California Marriage and Divorce Law_, Nolo Press, Fifth Edition)
2) The most common reason for creating a marriage contract (aka "pre-nup" is to avoid having the standard community property laws apply to property acquired *during the duration of the marriage*, not to shelter pre-marital assets.
posted on September 18, 2002 03:35:10 PM new
Thanks everyone!! What a thread. I think its out of gas so at this time I will make a decision based on the majority. I will begin to wire it out tonight....
posted on September 19, 2002 04:16:16 PM new
Take your money out of PayPal! I would leave only a small portion in there for puchasing with Paypal, but get the rest out. I have had no problems. But I did read a post here on Auction Watch from another Paypal user, an Ebay power seller who had $40,000 in PayPal he couldn't touch for long months because he'd had a complaint or chargeback from ONE customer.
He could not access his funds to buy more stock to sell. It took 3 - 4 months for Paypal to sort it out to their satisfaction, to make sure he wasn't committing some sort of fraud.
I would put the funds in a bank. Paypal is not a bank and your funds are not FDIC insured while there.
posted on September 19, 2002 04:50:45 PM new
no no, fluffythewondercat, the story about the $1. Porsche went this way:
A divorcing couple had to divide the assests, the wife was in the home with the children, in the garage sat his Porsche, his weekend sport car. The judge ordered that house and car BE SOLD, she sold it for, I believe it was $100. and I guess it was all on the up and up.... she sold it, when the judge told her to
I believe the case was in CT.
Yeah Calif. is really different than a lot of states
Edited to add: Take the 5 grand OUT of PayPal ASAP and put it in a safe bond or CD, or even just a savings account.
posted on September 19, 2002 05:15:36 PM new
don't know where this fell off last night so I'll retype it ~ g*d forbid anyone listens to your gumbo, fluffy!
fluffy says:
The most common reason for creating a marriage contract (aka "pre-nup" is to avoid having the standard community property laws apply to property acquired *during the duration of the marriage*, not to shelter pre-marital assets.
In any state, 100% UNtrue.
Could you possibly be so ignorant?
Reality is the exact opposite of your post!
The primary reason for a prenuptial agreement IS to protect one's PREmarital assets and to declare who owns what. Each party puts in writing what they own *going into the marriage*
signed & sealed.
this is mine, no matter what.
that is yours, period.
geez fluffy.
keep off the booze.
simply put:
Liz Taylor wants to keep what is HERS.
She has BusBoy hubby #53 sign the pre-nup vowing his undying love, signing in blood that he loves her for who she is, not what she has.
IOW, keep his hot little hands on her bod but off her assets.
Sign the pre-nup to prove that you love me, put it in writing that you are not marrying me to dump me & take half my money.
The pre-nup says you aint gonna get squat OF WHAT WAS MINE.
posted on September 19, 2002 05:27:59 PM new
coonr: That may be true, but many local banks do have money markewt funds available. The top banks (27) are not interested in the small time depositer. They want to deal with the multimillion dollar corporations. That is ythe rerason I left Wells Fargo after there merger with NWNational of MPLS. Too Big for the local economy. I bank with a small locally owned bank & they gave a $5000.oo reserve acct, which helps me buy & sell on a larger volume than before.
posted on September 19, 2002 05:59:06 PM new
LOL....THANKS FOR MAKING ME THANK MY LUCKY STARS I REMAIN SINGLE WITH NO LIVE IN PARTNER!!!!...too funny!!!
posted on September 20, 2002 11:49:31 PM new
If you are still wondering what to do with the 5 Grand after all the advice given, I will be happy to hold it for you and make sure them dollars get dusted and polished.
posted on September 22, 2002 10:35:32 AM new
Do you have a PayPal debit card? If so,you can use it just like a credit card and get 1.5% cash back, which would be an extra $75 bucks for you.
posted on September 22, 2002 11:04:00 AM new
Just a comment on the $1 Porsche....
According to the Joke/Urban Legend, the husband contacted the wife to sell the Porsche and send him the money. He gave her no further instructions so she can sell it for what ever she thought was reasonable. So, in the divorce settlement, he is entitled to 50 cents....
.
A Man will spend $2.00 for a $1.00 item he needs.
A Woman will spend $1.00 for a $2.00 item she doesn't need.
posted on September 24, 2002 03:02:08 PM new
I totally agree with nharmon on not sharing your money with your wife. A marriage is 50-50 in all areas. You should get the money out and put it in a savings account until you and your wife decide together what you should do. Or give 10 % of your earnings to a church and your blessing s will come in.
posted on September 25, 2002 11:05:23 PM new
Do I pull the money out or do I trust it sitting with Paypal??
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"Customer complaints have been growing along with PayPal's customer base. Plaintiffs in the proposed class-action suit say that the online money mover has accumulated a backlog of more than 100,000 customer complaints. The company allegedly stalls customer grievances for months while freezing their account and pocketing any interest that accrues."
posted on September 26, 2002 08:08:07 AM newPlaintiffs in the proposed class-action suit say that the online money mover has accumulated a backlog of more than 100,000 customer complaints. ....and pocketing any interest that accrues.
Allegations in a law suit, does not make it fact. As example, it is a documented fact that NO interest accrues, as funds are kept in non interest bearing account.
posted on September 26, 2002 09:58:49 AM newfluffythewondercatI bet you can't.
Better not make that a large bet, you'd lose. PayPal began depositing customer balances in non-interest bearing accounts some time ago to qualify for the FDIC pass through insurance.
is to avoid having the standard community property laws apply to property acquired *during the duration of the marriage*, not to shelter pre-marital assets.
